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The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has announced that the Nigeria Gas Flare Commercialization Program (NGFCP) has the potential to unlock $2.5 billion in investment in the country’s oil and gas sector.
NUPRC’s Chief Executive Officer, Mr. Gbenga Komolafe disclosed this during the African Upstream Forum at the 2025 Nigeria International Energy Summit (NIES) in Abuja on Wednesday.
According to Komolafe, the program will not only attract massive investment but also generate significant revenue and create thousands of jobs.
“As the global focus shifts toward a low-carbon future, NUPRC is embedding sustainability into seven upstream operations, mitigating environmental risks and protecting communities,” he said.
The NGFCP is expected to drive Nigeria’s commitment to end routine gas flaring and support the imperatives of the Nigeria Energy Transition Plan.
Komolafe noted key regulatory actions, including managing methane and greenhouse gas emissions, fostering energy efficiency and carbon credits, promoting investments in Carbon Capture Utilization and Storage (CCUS), and enforcing Environmental, Social, and Governance (ESG) standards.
“Through the Nigeria Gas Flare Commercialization Program (NGFCP), approximately $2.5 billion in investment will potentially be unlocked, generating huge revenue, and creating a significant number of jobs.
“We have been deliberate in efforts at social inclusiveness for enhancing host community development,” he said.
In addition to the NGFCP, NUPRC plans to host the first-ever Nigeria Upstream Oil and Gas Decarbonization Forum in March 2025.
The forum aims to bring together key stakeholders to discuss decarbonization strategies and carbon monetization in the Nigerian upstream sector.
“This platform will allow regulators, agencies, and companies across the globe to share valuable insights and experiences on decarbonization,” Komolafe said.
The commission has also reaffirmed its commitment to increasing Nigeria’s hydrocarbon reserves and oil production while ensuring cleaner energy operations for enhanced revenue generation.
Komolafe said the importance of boosting domestic gas utilization and expanding gas infrastructure to meet rising local energy demands.
“At the heart of NUPRC’s efforts is the growth of Nigeria’s hydrocarbon reserves and production in a cleaner manner for enhanced revenue generation,” he said.
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